Charles Kindlebereger*

2006 1999 .
** FTSE-20 20% .
.

,

. ;

.
,
, ,
(
1929) .
, (Greed run amok)

, ,
.
,
.
,
___________________
* Manias, Panics and Crashes: A History of Financial Crises
**

. ,

. , ,

(fools paradise).

- ( )
.
.
.
.
Gustave Le Bon* 100
(In crowds it is stupidity
and not mother-wit that is accumulated).

,

, (Rationality).


.

(Get Rich Quick).
1593

. **.

_________________
* The Crowd: A Study of the Popular Mind, London 1895
** .
.

3
*
.
.

,
.

.
. ,
.

. Viceroy, ,
(1636) 3000
,
.

_____________
* 16 17
.
.

. ( ).

4
Semper Augustus

.

Semper Augusuts ,

*

.

, (bizarres).
, .
. Charles McKay**, ,
, : , , , ,
, , ,
.***
1636,
, call options
.
. ,
1999, (Greater Fool): ,

.
,
.
,
, 17 .
bizarres
.

___________
* , .
** Memoirs of Extraordinary Popular Delusions, London, 1841.
*** Nobles, citizens, farmers, mechanics, seamen, footmen, maid-servants, even
chimney-sweeps and old clothes women dabbled in tulips.

5
.
1637 .

(Economic Depression). !
(South Sea Bubble)
, , ,
(manipulation) ,
.
.

18 .
.
(joint-stock companies)
. .
.
,
,
Burton Malkiel .*
, Harley (Earl of Oxford) 1711
(South Sea Company).

,
.

.**

172 55 .
,
, (
_____________
* A Random Walk Down Wall Street, New York 1981.
** 11
.

6
).

400 ,
. , ,
290 .
.
300 ,
.
.
.

Sir John Blunt.
.
1717,
.

.

, , Mr. Aislabie.*

1720
31
.
! George I
100.000 !
,

.
. ,
, Mr.
Aislabie.
_____________
*
(Tower of London).
800.000 .

7
1720
: 10%
.
!
.
. 800 .
1000
.
.
Issac Newton
-

.
300
.
1720* 135 .
. , .
18 .


(Bubble Act)
.**
Sir
John Blunt,
,
.
. , 5.000
Frank Knight,
. .

_____________
* Sir Blunt insider .
**
1825

2007